History
VM Motori was founded by two entrepreneurs, Claudio Vancini and Ugo Martelli (hence the "VM") in 1947.
VM merged with Stabilimenti Meccanici Triestini in Trieste in 1971, then Finmeccanica took a majority stake in the combined company.
In 1989, Finmeccanica restructured, selling its stake in VM Motori to company managers and Midland Montague in a leveraged buyout, leaving the company with its single Cento plant.
Detroit Diesel Corporation (DDC) bought VM Motori in 1995.
In 2000 the DDC was purchased by DaimlerChrysler AG.
In 2003, Penske Corporation purchased a 51% stake in VM Motori; in 2007, Penske bought the remaining 49% from DaimlerChrysler and subsequently sold 50% of it to General Motors. As of 2007, both deals were awaiting European regulatory approval and the value of the deal was not known.
In September 2008, GAZ Group announced plans to purchase a 50% stake from Penske Corp. but ultimately cancelled them in February 2009. January 11, 2011 Italian newspaper Corriere della Sera published news that Fiat S.p.A. is about to purchase 50% stake from Penske. In February 11 Fiat Powertrain Technologies confirmed it has bought the 50 percent stake.
Read more about this topic: VM Motori
Famous quotes containing the word history:
“The history of all previous societies has been the history of class struggles.”
—Karl Marx (1818–1883)
“Revolutions are the periods of history when individuals count most.”
—Norman Mailer (b. 1923)
“[Men say:] “Don’t you know that we are your natural protectors?” But what is a woman afraid of on a lonely road after dark? The bears and wolves are all gone; there is nothing to be afraid of now but our natural protectors.”
—Frances A. Griffin, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 19, by Susan B. Anthony and Ida Husted Harper (1902)